By Alexander Kwiatkowski and Christian Schmollinger June 15 (Bloomberg) -- Crude oil traded above $75 a barrel in New York, rebounding from earlier losses, before a report that may show declining U.S. crude inventories. Oil recovered as the euro narrowed its loss against the dollar. U.S. crude stockpiles probably fell last week, a Bloomberg survey showed. “Attention is gradually turning to fundamentals, with the U.S. weekly inventories tomorrow,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “The market is little changed from yesterday, still consolidating after gains at the end of last week.” Crude oil for July delivery traded at $75.26 a barrel, up 14 cents, on the New York Mercantile Exchange as of 9:06 a.m. London time after falling as much as 50 cents to $74.62. Brent crude oil for July settlement rose 25 cents to $75.45 a barrel the London-based ICE Futures Europe exchange at 9:08 a.m. local time. The July future expires today. The more active August contract was at $75.66 a barrel, up 20 cents. The euro was at $1.2193 after falling to $1.2168 following Moody’s Investors Service’s downgrade of Greece’s bond ratings by four levels to Ba1 from A3. U.S. crude stockpiles probably fell 1.75 million barrels in the seven days ended June 11 from 361.4 million the week before, according to the median of eight analyst estimates before an Energy Department report this week. Inventories of distillate fuel, a category that includes heating oil and diesel, climbed 1 million barrels from 155 million, according to the survey. Gasoline stockpiles rose 625,000 barrels from 219 million, the survey said. To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.netAlexander Kwiatkowski in London at akwiatkowsk2@bloomberg.net

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